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This entry was published on 2014-09-22
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Discharge of surety on the undertaking of a fiduciary
Civil Practice Law & Rules (CVP) CHAPTER 8, ARTICLE 25
§ 2510. Discharge of surety on the undertaking of a fiduciary. (a)
Motion; new undertaking; accounting. Surety on the undertaking of any
fiduciary may move with notice to the person upon whose behalf the
undertaking was given, to be discharged from liability for any act or
omission of such fiduciary subsequent to the order of the court or the
time when a new undertaking satisfactory to the court is filed. The
court may restrain such fiduciary from acting pending the order
discharging such surety from liability. Upon the hearing, the court
shall order the fiduciary to give a new undertaking and to account,
within such time as the court orders but not exceeding twenty days, for
all his acts. If a new undertaking is filed the fiduciary shall account
for his acts up to and including the date of such filing. Where the
fiduciary does not comply with the order to account, the surety may make
and file such account with the same effect as though filed by the
fiduciary, and may utilize any disclosure device in obtaining
information necessary for such an accounting. The court shall make such
provisions with respect to commissions, allowances, disbursements and
costs as it deems just.

(b) Settlement of account. When such account has been filed, the
court, upon sufficient notice, shall order all persons interested in the
proceedings to attend a settlement of the account at a time and place
specified, and such settlement shall be made and the rights and
liabilities of all parties to the proceeding shall be determined and
enforced. After settlement of the account, the court shall make an order
relieving the surety from any act or omission of the fiduciary
subsequent to the date of such order or the time when a new undertaking
satisfactory to the court was filed, whichever is earlier. Upon written
demand by the fiduciary, the surety shall return any compensation paid
for the unexpired portion of such suretyship.